Upexi, Inc.

Fiscal third quarter 2026 total revenue was $4.6 million, up from $3.2 million in the prior-year quarter. Net loss for the quarter was approximately $109 million, or $1.67 per share, including $92.3 million of unrealized loss on digital assets. For the 9 months ended March 31, 2026, total revenue was approximately $21.8 million versus $11.5 million a year earlier; digital asset revenue was approximately $14.7 million; direct treasury expenses were approximately $8.6 million; and the company recorded an unrealized loss on digital assets of approximately $178.8 million. As of March 31, the company had approximately $3.5 million in cash, $2.5 million Solana tokens, $1.4 million liquid, and 1 million tokens locked. Management expects ongoing cash expenses to be less than staking revenue by July 1, assuming continued 6% to 7% staking yield, and expects to reduce short-term treasury debt interest, currently described as $500-plus thousand per month, over the next three months.

Allan Marshall framed the quarter as difficult because of the decline in Solana price and crypto valuation multiples, but said Upexi responded proactively rather than waiting for the market to improve. He highlighted three priorities: intelligent capital issuance, expense reduction, and yield generation. Marshall said the company aims to have the lowest expense base among Solana treasury peers and is pursuing higher-yield strategies using traditional Wall Street instruments off-chain.

Andrew Norstrud said staking generated approximately 35,000 tokens, and the company had about $3.5 million of cash, $2.5 million Solana tokens, $1.4 million liquid, and 1 million locked tokens at March 31. He said short-term debt was reduced by approximately $7.6 million, including $5.4 million of short-term treasury debt, and that employee count was reduced to 10. Norstrud also cited approximately $14.7 million of digital asset revenue for the 9 months ended March 31, 2026, about $8.6 million of direct treasury expenses, and an unrealized loss on digital assets of approximately $178.8 million. He said the company expects staking rewards to keep rising and that it is working to bring ongoing cash expenses below staking revenue.

Analysts focused on the native staking yield, the path to a self-sustaining treasury, M&A, NAV math, and capital allocation. Management said native staking yield is just below 7%, while locked tokens can generate closer to double that, and that any M&A or higher-yield strategy would need to clear those returns. On valuation, Brian Rudick explained that Upexi manages to a fully loaded mNAV assumption that includes expected conversion of in-kind notes and backing shares, which is why the company views the metric differently from a simple EV-to-NAV calculation. On cash generation, Allan Marshall said excess cash would likely go toward either buying more Solana or repurchasing stock, and that initial allocations to higher-yield strategies could be around $25 million or $50 million.